Hi

When accounting for export sale (say converting USD into INR), which exchange rate should be used?

Should the customs notified rate for exports for the month be used, or should the bank selling rate be used?

This is important because for a particular date the customs notified rate and the bank rate may be different and also the exchange rate fluctuation to be accounted for at the time of inward remittance will vary.

Thanks

is it possible to automatically pass interest payable and receivable entry by just giving interest rate while creating ledger.

Please help :)

whether depriciation is applicable on cost of land or not .

In Co. X there are 7 directors, out of which 2 are also directors of another pvt ltd company (Total strenth is 2). No transactions took place between these two company. Can pvt ltd co. comes under the defination of subsidiary.

Dear Sir,

How to incorporate Euro EEFC Bank A/c & Rupee Bank Account in Tally 7.2?

Also provide guide for Inventory entries in Tally 7.2?

Please
Explain me what is difference between "Capital Reserve" and "Reserve Capital"

We have a office building which is newly built, But its not fully completed.We have occupied the building in some floors but other floors works still in progress . Can any body suggest whether we can charge depreciation on the Work in progress cost or not?

Dear Professional Colleague

I wish to know or from where I can obtain (through a recommended book or website) a suggested internal control system in respect of a book publishing business where printing and binding work is outsourced.

Thanks

What are basic points should we take in consideration while Balance Sheet.


Regards

Bhaskar

As per para 15 of AS 11 Exchange difference arising on a net investment in a non-integral foreign operation (Foreign Subsidiary) should be accumulated in a Foreign Currency Translation Reserve in the Enterprise's financial statements until the disposal of the net investment, at which time they should be recognised as income or as expenses in accordance with para 31.

As per para 31 the exchange differences which have been so deferred/accumulated should be recogniosed as income or expenses at the time of disposal of a non-integral foreign operation.

Now query is as follows -
When such exchange differences are to be accumulated and not to be recognised as income or expense when the investment is in force what accounting treatment should be given.

One effect is to be given to Foreign Currency Translation Reserve as per para 15. Where the second effect can be given?

Whether the second effect can be give to the investments? If yes, can the value of investments be reduced if there is FE loss?

Please note that the financial statements of subsidiary are not consolidated with the enterprise's statements.